Foreign entrepreneurs hoping to work in the U.S. on a “startup visa” have had their hopes dashed after an anonymous source inside the government said the already approved visa rule might not come to fruition after all.

According to an article published by the San Francisco Chronicle and another in the Wall Street Journal on Wednesday, the International Entrepreneur Rule that was signed-off by former President Barack Obama has been delayed and could be rescinded altogether. The visa was supposed to go into effect on July 17.

The visa, unlike the H-1B visa that mostly permits employment for an already established company, would allow entrepreneurs to enter the country and progress with a startup. The visa only allows entrepreneurs to work in the U.S. if they can raise $250,000 in capital investments from American investors, and they also must prove they will create employment for U.S. citizens. If they can do so, the visa will give them a parole period of 2.5 years to build the company.

If the visa is scrapped, it may not be to the liking of some of the people who attended the American Technology Council meeting this week. Trump offered placatory remarks to tech leaders, who have been outwardly opposed to some of his immigration policies, stating he would help bring the most talented people to the U.S.

Should the visa fall through, it will come as a blow to foreign entrepreneurs who already meet the guidelines’ criteria. Some of them, after hearing the visa has been stalled, fear they will have to take their company to a country with more relaxed rules.

This month newly elected French President Emmanuel Macron announced that France has launched a similar visa program for foreign entrepreneurs. Canada also just launched its own startup visa program for foreigners, while the U.K. and Australia make life easy for entrepreneurs wanting to set up there.

“We cannot speculate on the outcome of the review of the rule,” the Trump spokesman said. “When the review is final, we will make the decision public.”

Trump will meet with tech leaders again Thursday for Tech Week at the White House. The meeting will focus on emerging technologies such as automation, the Internet of Things, 5G infrastructure and drones.

Image: John Barker